Interviews With Traders

The Critical Aspect That Made Me Consistently Profitable

September 16, 2021 | 11:32 am | Interviews With Traders
September 16, 2021 | 11:32 am
Interviews With Traders
The Critical Aspect That Made Me Consistently Profitable

Letting the loss affect the next position is a slippery slope, which is why a trader’s plan is so fundamentally crucial. That’s Joshua Advice.

Joshua W, 29 years old, From the United Kingdom.

Joshua has just successfully passed our Level 1. He is now one of The5ers funded traders and is trading with an 80K low-risk funded account on our platform.

His next mission is to reach 10% of profit and double his funds to 160K.

We spoke with Joshua about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.

Click here for more Inspirations lessons and interviews from our professionally funded traders.

 

Joshua W account - Consistently Profitable

Joshua W graph - Consistently Profitable

Joshua W best profit

Joshua W Advanced statistics

Joshua W symbols data - Consistently Profitable

 

  • Tell us a little bit about you.
    I’m an Australian, I now live in the UK, have been trading religiously for the past three years. The first 2-years into my trading journey was mainly an enormous about of trial and error, delving into price action and really just sinking my teeth into the required trading psychology to become consistently profitable. The last year has been an onslaught of Prop Firm challenges, which I’m pleased to say has been successful (but not to mention VERY challenging).

 

  • How long have you been trading?
    3 years, I am a full time trader

 

  • Briefly describe your Trading Plan and how it contributes to your success.
    I trade four FX pairs exclusively and have backtested each pair thoroughly to understand its particular pair characteristics. I am purely a technical trader (I don’t use any indicators) focusing on price action.

 

  • Share with us a challenge you faced in your trading career and how you overcame it?
    Losses. I’m certainly not alone in this, it’s a challenge every trader’s faces and continues to face… extracting consistent returns from an inconsistent environment is tough, and losses are a part of it. However, letting the loss affect the next position is a slippery slope, which is why a trader’s plan is so fundamentally crucial.

 

  • How did you adjust risk management to your trading personality?
    I risk 1% per position, where I am able to depending on the leverage applied to my account. For example, during the 5%ers challenge, I risked 0.4% per position.

 

  • Describe a key moment in your trading career.
    Getting noticed by a Hedge Fund Owner and being given a chance. On top of trading for Prop Firms, it’s an incredibly interesting insight into the world of massive accounts and how they are managed and traded.

 

  • How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
    It took me c. 2.5 years to become consistently profitable. I think an absolutely critical aspect of it was understood in Michael Douglas’ book “Trading in the Zone” and more specifically the “Probability Mindset” in Chapter 7.

 

 

  • What is your mental/psychological strength, and how did you develop it?
    I used to play elite tennis when I was younger, which surprisingly relates a lot to trading. Tennis is a very lonely sport, as is trading. Constantly You vs. You. Tennis, as with trading, I just practice every day to be better and work on my weaknesses and hone my strengths… Like my huge forehand 😛

 

  • What was your strategy to successfully passing The5%ers’ First Level?
    I wasn’t in a rush. Because of the 6-month time allowance, I felt like I had all the time in the world and because I was only risking 0.4% per position I was confident I would pass because I’d be able to trade the volatility in the market over multiple months. Unlike other Prop Firm challenges where you only have 30 days, which is really tough because some months aren’t as active as others.

 

  • How is trading for the5ers different from trading by yourself?
    I altered my risk per position. That’s all really. Apart from that, I followed my plan that I use on my other accounts.

 

  • What would you recommend to someone who is just starting with us?
    Don’t be in a rush. You’re given 6-months for a reason. Consistent growth is more impressive than risky Hail Mary trading.

 

 

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